Chicago Parking Meter Rates Will Be Nation's Most Expensive In 2013

CHICAGO -- Chicago soon will have the nation's most expensive downtown parking meters.

On New Year's Day, meters in the city's downtown Loop area will begin charging $6.50 an hour – up from $5.75.

A report from the San Francisco Municipal Transportation Agency says the rate change will make Chicago the city with the most expensive metered parking.

The company that operates the meters plans to have all machines set to new rates by the end of February.

Former Mayor Richard Daley got the City Council to approve the company's 75-year contract in 2008. In return, the city got a $1.1 billion payment – much of which has already been spent.

Current Mayor Rahm Emanuel has ordered an independent audit of the deal, which is now largely viewed as a financial disaster.

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16 City 'Firsts'

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Chicago became home to one of the world's first skyscrapers (the Home Insurance Building) in 1884 and remains home to the tallest building in the Western Hemisphere: the Willis (nee Sears) Tower.
Photo: FaceMePLS (Flickr)

Chicago has long been the world's capital of pinball manufacturing. Raymond Maloney, later of Bally
Manufacturing Company, is credited with inventing "Ballyhoo," the pinball machine that spurred on the games' popularity, in the 1930s.
Photo: Bob Jagendorf (Flickr)

The first electric dishwasher was invented in Chicago in 1889.
Photo: David Locke (Flickr)

Ike Sewell and Richard Novaretti are credited with coming up with the world's first artery-clogging, delicious deep dish pizza in Chicago at their Pizzeria Uno in 1943 -- chef Rudy Malnati likely had something to do with the invention as well.
Photo: LWY (Flickr)

The world's first Ferris wheel was created for Chicago's Columbian Exposition in 1893. Pictured is the Ferris wheel at the city's Navy Pier.
Photo: Marcin Wichary (Flickr)

The first self-sustaining nuclear chain reaction took place at the University of Chicago in 1942. Dr. Enrico Fermi (pictured) led the group of scientists involved.
Photo: AP

America's first farm silo can be found in Spring Grove, Ill., just north of Chicago. It dates back to 1873.
Photo: scriptingnews (Flickr)

Des Plaines, Ill., became home to the nation's first McDonald's franchise on April 15, 1955.
Photo: Zol87 (Flickr)

The game of softball is said to have originated in Chicago in 1887. The pictured monument in Bronzeville commemorates the feat.
Photo: Zol87 (Flickr)

The first remote control was introduced to the public in Chicago in 1950.
Photo: espensorvik (Flickr)

At the same fair in 1893, Koh-I-Noor displayed bright, yellow pencils, setting the trend for all to follow.
Photo: aaron13251 (Flickr)

Reddi-Wip was introduced in 1948 after being developed at a Chicago dairy. After it hit the market, consumption of whipped cream nationwide increased drastically.
Photo: tquiddle (Flickr)

In 1976, Chicago entrepreneur Lawrence Haggerty acquired the rights to the "Astro Lamp," and the company continues to be the only manufacturer of the "LAVA" brand motion lamp worldwide.
Photo: mjtmail (tiggy) (Flickr)